Loan Companies in Starkville, MS

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Tips & Advice

What is a loan forgiveness program?

Loan forgiveness is the cancellation of a borrower’s obligation to repay a student debt. There are several qualifiers, including employment. Under the Public Service Loan Forgiveness (PSLF) act, if you have made 120 monthly payments, and you work for a qualified employer, you might be eligible for loan forgiveness. If you are a public school teacher in a low income area, if you join the military, work in the non-profit sector, or in the government, you might be eligible for debt forgiveness.

What is a prepayment penalty?

A prepayment penalty is a clause in a mortgage agreement that states that, if the mortgage is paid off early, a penalty fee will be imposed. If you refinance too early that can even qualify for a penalty. It might seem weird that repaying the loan early is penalized, but it is set up that way to ensure profits--the interest on the loan is the profit--and the longer you are paying interest, the more money the bank makes. They want protection against losing those profits, and that’s why prepayment penalties can be included in some contracts.

What is a business loan?

A business loan one that can be used to fund start-ups, pay for expansions, pay staff, or even buy business-related equipment, like computers. The borrower repays the loan under the normal terms of the agreement. Many business loans require a guarantor, someone who signs off, to guarantee the loan’s repayment. If the business defaults, the guarantor can be on the hook to repay the loan--and if the guarantors are the business owner, their personal assets may be at risk.

What is a personal loan?

A personal loan is one taken out by the borrower to purchase a (generally) smaller item like furniture, a computer, or a wedding ring. They range on the lower end of the loan scale, topping out a few thousand dollars, generally. These are not designed to buy homes or cars and are unsecured, meaning you do not need collateral to obtain them. Lenders will generally just use your credit score to determine loan approval.

What is a payday loan?

A payday loan is a loan secured by the borrower’s future paycheck, usually the next one. These are usually high-interest loans and are a bad deal for the borrower as they can be high risk and expensive.

What is a mortgage loan?

A mortgage is a loan used to buy real estate in which the asset (the house you are buying) is also the collateral. The loan is paid back over time (such as a 30-year mortgage) and with each payment, the borrower accrues incremental ownership of the property called equity. If the borrower defaults on the loan, the lender assumes ownership of the property. In some cases borrowers will walk away from a mortgage when the loan exceeds the value of the house. During the mortgage crash, hundreds of thousands of people walked away from mortgages when the market crashed and housing values plummeted.

What is a line of credit?

A line of credit is basically the maximum amount of credit a bank or loan institution will extend to a borrower. If you have a $10,000 line of credit and you have already borrowed or still owe a balance of $5000, you are still eligible to borrow the remaining balance until you have reached your credit maximum (in this scenario - $10,000). You do not have to keep applying for a new loan, they will simply give you access to the maximum allowed on a continuing basis.

How is loan eligibility determined?

Loan eligibility is primarily determined by your credit rating, which is based on your credit history, and is tied into if you pay your bills on timelike credit cards, utilities, etc.). Eligibility can also be influenced by things like employment stability, housing stability (how long have you been in the same place) and, of course, your income. The higher your rating means a better chance, and friendlier terms, like lower interest rates, because you are considered lower risk.

What is an interest rate?

Simply put, an interest rate is the amount at which a lender charges you to use their money or credit. It is usually a percentage and is based on the annual percentage of the average outstanding balance. You may have an 8% interest rate, which means you will be paying, over the course of the loan, 8% annually, on the average annual percentage of the amount you owe. Mathematically it looks like this: interest = principal x rate x time.

What are the most common types of loans?

The most common types of loans are personal loans (typically for smaller purchases), credit cards, home equity loans (where you borrow against the equity you’ve built up in your home), mortgages, home equity lines of credit (similar to home equity loan, but you have a revolving line of credit), cash advances (offered by credit card companies, or any entity that will loan money based on an expected future income), small-business loans (for entrepreneurs or established small businesses looking to expand), and consolidated loans (usually used to pay off debt and mortgages loans for homes). Auto, home, and student loans are also three very common loans.